EV maker Lucid rises in Nasdaq debut after merger with Klein-backed SPAC

Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, U.S., July 26, 2021. REUTERS/Andrew Kelly

(Reuters) -Shares of Lucid Group Inc rose as much as 19% in their Nasdaq debut on Monday after the electric vehicle maker completed its merger with a blank-check company backed by Wall Street dealmaker Michael Klein.

Lucid, which is run by an ex-Tesla Inc engineer, had agreed to go public in February through a merger with Churchill Capital Corp IV. The deal gave the combined company a pro-forma equity value of $24 billion.